Prenzlau, Germany-based Aleo Solar AG have today dissolved their operations in the U.S. with immediate effect.

aleo solar AG

German-based producer and distributor of solar modules, Aleo Solar AG, has today issued a short statement announcing its decision to withdraw from the U.S. market with immediate effect.

The Prenzlau-based company, which manufactures crystalline PV modules, said that although U.S. sales had increased year-on-year, the operation had failed to meet recent targets.

"Despite our U.S. sales being better this year than the previous year, they nevertheless remained insufficient. Our revenue goals have not been reached, which has impacted badly on profitability," Aleo Solar AG's head of corporate communications and business development, Hermann Iding, told pv magazine.

"We will be withdrawing from the U.S. market with immediate effect."

Shrinking sales across Europe have come to characterize 2013 for Aleo Solar AG. First-half sales were down 58.9% compared to 2012, with revenues of just $90.8 million (a figure that last year stood at $221.2 million).

In March, the company's majority shareholder – German electronics giant Robert Bosch GmbH, which holds 90.7% of Aleo Solar's shares – announced that it is to exit the crystalline solar sector, providing financial support to Aleo Solar AG only until March.

Since that announcement, the company has been eagerly searching a new majority investor. Dr. Iding confirmed to pv magazine that talks with a couple of potential investors are at an advanced stage.

"We are in close discussion with potential investors, and have reached the due diligence stage with one," he said. "It is looking optimistic, and we hope to announce a new investor in the next few weeks."

When asked how these new developments might affect Aleo Solar AG's future growth, Dr. Iding remarked: "The new investors will be looking to make their own strategic decisions moving forward."